Litecoin market update: LTC/USD sends massive bullish signals under $130

gains above $120 and event touched highs just above $130 yesterday. LTC/USD took advantage of Bitcoin jump to $8,100 and forged a sole path while breaking key barriers.

Although Bitcoin has since trimmed the gains touching lows around $7,735, Litecoin has been able to sustain gains above $125 support. At press time, the fifth largest digital asset is consolidating the gains in a tight range between $125 - $130.

Litecoin is still poised for more gains as the price stays above the moving averages with the 50 SMA playing catchup at $122.37. The increasing gap between the 50 SMA and the longer term 100 SMA shows that the bulls have the energy to push the price above $130 level in the near-term.

In the meantime, technicals are positive and likely to stay the same unless something drastic happens. The RSI is ranging horizontally at $60.00 to show that the price path of least resistance is upward sideways. This trend is also emphasized by the MACD, which is sitting comfortably above the mean line in the positive region precisely at +1.61654.

LTC/USD 1-hour chart